I am a beginner in Real Estate and have been obtaining as much information as i can for the past 2 months. My area of interest is wholesaling. I know wholesaling is not actually real estate but its related enough. My question is, What is my first step? I have found several properties off market and I also have a few connections with buyers. But I am wondering how do I go about this. What is the proper way to make a connection and present the properties I have found to seek interest? Or should I first get a property under contract before making connection with the buyers? Yes i have read forums and articles on BP but I'm sure there is more to learn as always. Please share your helpful answers.
Get the property under contract. That is the first step. If you don't have it under contract, then you are marketing something that you don't have the right to market. Make sure that you are getting it at a price that will make sense for you to be able to sell it to an investor. Knowing their criteria will be helpful, but in all honesty, if it is a good deal, then the buyer will be there.
I know it can be scary to contract the property without the buyer in place, but you are just going to show yourself to be unreliable if you go to your investor and they put the time in to try to look it all over and then for some reason you can't contract the property.
If it really is a deal, then you will be able to sell it.
@Tracee Rivera - what @Dave Passey said...you MUST get a contract on the property before anything else, but even before you sign a contract, make sure you know your numbers. You may want to consider partnering with another wholesaler in your area that can guide you through your first few deals and that knows your market.
Listen to Biggerpockets Podcast #176 where they interviewed Tom Krol, tons of great free information there. He also has a podcast called wholesaling inc, check it out if you can.
Good luck, and keep reading and asking questions on BP!
@Priscilla Z. is right to say to work with a wholesaler that knows the area. Tom Krol really does know his stuff (although he is a little over the top with his energy for me personally). One of the people that my company partnered with in the beginning actually became a wholesaling coach under Tom Krol and has had a lot of success with it.
Getting your numbers right will make or break your deal, so make sure you are on point with those.